Executive Officer Base Salary Adjustments and Long-Term Incentive Awards Agreement (Michael G. Long and John O. Tugwell)
This agreement outlines new base salaries and long-term incentive awards for executive officers Michael G. Long and John O. Tugwell. Effective October 1, 2006, both officers receive a salary increase and are granted 30,000 shares of restricted stock each, which will vest over four years. The value of the stock awards was determined as of August 25, 2006. The agreement specifies the vesting schedule and the effective date of the new salaries.
EXHIBIT 10.1
NEW BASE SALARIES AND LONG-TERM INCENTIVE
AWARDS FOR CERTAIN EXECUTIVE OFFICERS
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| Long-Term |
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| Executive Officer |
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| Current |
| New Base |
| Percentage |
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| Value3 |
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| Michael G. Long |
| $ | 212,000 |
| $ | 227,000 |
| 7.08 | % | 30,000 |
| $ | 581,700 |
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| Executive Vice President |
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| & CFO |
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| John O. Tugwell |
| $ | 220,000 |
| $ | 235,000 |
| 6.82 | % | 30,000 |
| $ | 581,700 |
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| Executive Vice President |
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| & COO |
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1 These base salaries are effective October 1, 2006.
2 These are grants of restricted stock that will vest over a four-year period, as follows: 6,000 shares on October 1, 2008, 12,000 shares on October 1, 2009 and 12,000 shares on October 1, 2010.
3 The value of the restricted stock was as of the date of the award by the Compensation Committee, August 25, 2006.
